In February, the Janet Yellen era at the Federal Reserve will conclude and the Jerome Powell era will begin. What will the change mean for US monetary policy? Advanced economies are reveling in increasing growth and bright economic outlooks, yet central banks are only very slowly normalizing monetary policy to pre-crisis levels. With inflation still well below target, interest rates are expected to remain low (and negative in some countries), and engorged balance sheets are only very slowly being whittled down. Does the low-inflation economy demand that these unconventional approaches to monetary policy become standard tools of central banks’ arsenal? Or can central bankers throw off the shackles of the Phillips Curve mentality and insist on normalization?

Donald Kohn

Robert V. Roosa Chair in International Economics and Senior Fellow, Economic Studies, The Brookings Institution

Donald Kohn holds the Robert V. Roosa Chair in International Economics and is a senior fellow in the Economic Studies program at the Brookings Institution. He also currently serves as an external member of the Financial Policy Committee at the Bank of England. Kohn is a 40-year veteran of the Federal Reserve system, serving as member and then vice chair of the Board of Governors from 2002-2010. Kohn is an expert on monetary policy, financial regulation, and macroeconomics and has written extensively on these issues. Prior to taking office as a member of the Board of Governors he served in a number of staff roles at the Board, including secretary of the Federal Open Market Committee (1987-2002) and director of the Division of Monetary Affairs (1987-2001). He holds a BA from the College of Wooster and a PhD from the University of Michigan.

Michael H. Moskow is vice chair and distinguished fellow on the global economy at the Chicago Council on Global Affairs. He retired as president and chief executive officer of the Federal Reserve Bank of Chicago in 2007, where he had served since 1994. Previously, Moskow was a full-time faculty member at Northwestern University’s Kellogg School of Management. Prior to teaching at Northwestern, he was a deputy U.S. trade representative, following his appointment by President George H. Bush. Moskow has also held a number of senior positions with the U.S. government, including undersecretary of labor at the U.S. Department of Labor, director of the Council on Wage and Price Stability, and senior staff economist with the Council of Economic Advisers. He serves on the board of directors of Discover Financial, Education Corporation of America and Commonwealth Edison Company, a subsidiary of Exelon Corporation. Moskow received a BA from Lafayette College and a PhD from the University of Pennsylvania. He has received honorary doctorate degrees from DePaul University, Dominican University, Lafayette College, and Lewis University.

Randall Kroszner

Norman R. Bobins Professor of Economics, University of Chicago Booth School of Business

Randall Kroszner is the Norman R. Bobins Professor of Economics at the University of Chicago Booth School of Business. He served as a governor of the Federal Reserve System from 2006 to 2009, taking a leading role in developing responses to the financial crisis. From 2001 to 2003, he was a member of the President’s Council of Economic Advisers. He currently serves as the Vice Chair of the Financial Research Advisory Committee in the Office of Financial Research at the US Treasury and on the Federal Reserve Bank of Chicago’s Academic Advisory Council. He received the Battle Prize for best corporate finance paper in the Journal of Finance. His book with Nobel laureate Robert Shiller, Reforming US Financial Regulation, was on the Washington Post’s political best sellers list. Kroszner provides advice to financial institutions, government organizations, and central banks throughout the world. He holds a ScB from Brown University and an MA and PhD from Harvard University.

Bethany McLean

Contributing Editor, Vanity Fair

Bethany McLean is a contributing editor at Vanity Fair and a contributor at CNBC. She was previously an editor-at-large at Fortune. She is an investigative journalist known for her work on the Enron scandal and the 2008 financial crisis, and coauthored the bestseller, The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron. A documentary based on the book was nominated for an Academy Award in 2006. McLean also coauthored All the Devils Are Here: The Hidden History of the Financial Crisis, and wrote Shaky Ground: The Strange Saga of the US Mortgage Giants. Prior to joining Fortune in 1995, she was an investment analyst at Goldman Sachs.